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Possible Bearish Inside Day Candle Pattern Detected for Pepsico Inc (NASDAQ:PEP)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pepsico Inc (NASDAQ:PEP) based on the price action in the company's shares. Yesterday's price range of $142.78 and $143.14 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Pepsico Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Pepsico Inc has traded in a range of $108.00 to $142.50 and closed yesterday at $143.65, 33% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has risen 0.2%.

PepsiCo, Inc. operates worldwide beverage, snack, and food businesses. The Company manufactures or uses contract manufacturers, markets, and sells a variety of grain-based snacks, carbonated and non-carbonated beverages, and foods in countries throughout the world.

Pepsico Inc (NASDAQ:PEP) defies analysts with a current price ($143.65) 18.1% above its average consensus price target of $117.58. The stock should discover initial support at its 50-day moving average (MA) of $136.26 and subsequent support at its 200-day MA of $133.12.

SmarTrend is tracking the current trend status for Pepsico Inc and will alert subscribers who have PEP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle pepsico inc

Ticker(s): PEP